PNB has announced that it will start its home loan product for the unbanked and underbanked segments. This product will provide access to home loans up to Rs 2 crore without any credit score requirement.
The product is expected to help individuals with SME businesses, rural areas, and other underserved sections of the population get home loans.
So, when should you apply for a PNB home loan?
Some Starting Hints
When should you get a house loan? The answer will differ from to person, but here are some general tips to help get you started:
- Start by tracking your monthly expenditure and see if you can afford to pay off your current debt before considering a house loan.
- Consider your lifestyle and the kind of home you would like. Is a big house or a sprawling garden important to you? Are you planning to live in the home for a long time or want to buy and sell quickly?
- Talk to your family and friends about their house loan experiences.
When Should You Apply for A PNB Home Loan?
If you plan to apply for a home loan at PNB Housing, here are the ideal conditions:
You Fall Under The Correct Age Category
Age is a key factor to consider when applying for a home loan.
As a general rule, you must be at least 21 years old to apply and should not exceed the age of 70 at the time of loan maturity.
You can repay your loan over a period of thirty years maximum.
You Have A Clear Purpose
A home loan from PNB Housing can be used for various purposes. You can apply for this loan if you have plans to do any of the following:
- Buying a house
- Constructing a new house
- Renovating your house
You Have A Good CIBIL Score
CIBIL score is also an important factor in determining the loan amount you qualify for.
Applicants with a CIBIL score of 611+ can easily apply and get approved for a home loan at PNB Housing.
You Earn the Right Amount of Salary
PNB Housing offers a range of home loan options and easy repayment schemes to suit every customer.
Whether self-employed or salaried, you can apply for a home loan if you earn a monthly salary of INR 15000 or more.
As for the home loan interest rate, both salaried and self-employed applicants will be charged 8.00%* per annum.
You Have A Good Employment Record
Employment status is a critical factor when determining the conditions for a PNB Housing home loan. The lender will want to know about the nature of your employment, the company you work for, and how long you have been there.
You will need to prove that you have a work experience of three years minimum in order to get approved.
You Have All The Right Documents
Before you apply for the loan, you should know what documents you need to submit. Among these are:
- A copy of the property’s title documents
- Approved plan
- Age proof
- Residence proof
- Income proof
Conclusion
PNB Housing offers flexible and competitive interest rates to suit your needs. You can visit a nearby branch to fill out the required documents in person. However, if you are in a hurry, you can submit the forms and documents in advance by applying online.
After submitting your application, PNB Housing will conduct a credit check and property valuation. Based on these factors, they will either approve or reject your loan application. If your application is approved, they will then disburse the loan amount to you.
Applying for a home loan from PNB is personal and should be based on your individual needs and circumstances. The best time to apply for a PNB mortgage is when you’re ready to buy a home. For any quick fix – apply for a home loan as soon as possible after signing the purchase contract.
